schirallicpa Posted March 3, 2015 Report Share Posted March 3, 2015 Husband and wife elected to file as joint venture in 2013. Now they don't want to file as JV because he basically is only one doing this business. So last year we filed 2 schedule Cs and basically split the income and expense. Any red flags - or elections we need to make - if we go to just one schedule C :pop: Quote Link to comment Share on other sites More sharing options...
Max W Posted March 3, 2015 Report Share Posted March 3, 2015 "Duration that the election remains in effect Once the election is made, it can be revoked only with the permission of the IRS. However, the election technically remains in effect only for as long as the spouses filing as a qualified joint venture continue to meet the requirements for filing the election. If the spouses fail to meet the qualified joint venture requirements for a year, a new election will be necessary for any future year in which the spouses meet the requirements to be treated as a qualified joint venture." http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Election-for-Husband-and-Wife-Unincorporated-Businesses I would interpret that to mean that if the spouse is no longer involved in the business, then there is no QJV. 1 Quote Link to comment Share on other sites More sharing options...
schirallicpa Posted March 4, 2015 Author Report Share Posted March 4, 2015 thanks! Seems logical 1 Quote Link to comment Share on other sites More sharing options...
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